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Housing crisis rages, but there’s no money in building flats

Campbell Hanan is bracing for what he calls a “trough year” for $7.6 billion property developer Mirvac.

After announcing a solid enough result for the 2024 financial year – operating profit came in at $552 million, down 5 per cent in challenging conditions – Hanan shocked the market by announcing guidance for 2025 that was 10 per cent below what the market expected. Mirvac shares duly plunged 10 per cent in response.

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